procurement

Expanding Your Own Third-Party Risk Team

Image of Third-Party Risk Management

SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Kyle Smith discusses the benefits of a strong third-party risk management team and what it can do for your organization.

Kyle Smith, Sourcing Specialist, Florida Blue

This Month at SIG – January 2023

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

Preparing for the challenges on the horizon with a host of resources to get a jump start on 2023!


A Flexible (and Fast!) Way to Get Certified Now

Did you miss our 2022 open cohort start dates? We have fast-track and self-paced options for all programs if open cohort semester timings do not work for your schedule! Have a large group from your organization interested in taking the program together? We also offer closed cohorts for groups of 20 or more that can start when it is best suitable for your team, and volume discounts are available!

 
 

Power Hour Webinars

Sourcing in 2023: The Year of Autonomous Sourcing

Join Dylan Alperin, Head of Professional Services, Keelvar and Magnus Bergfors, Director of Product Marketing, Keelvar as they discuss the rise of the automation revolution and CPO insights and 2023 priorities Keelvar’s 2023 Voices of Sourcing Survey.

 
 
 

Featured Content from Industry Experts

2022 State of Supplier Diversity Report

Supplier.io’s 5th State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high. 

Desmond Williams, Digital Marketing Manager

Recap of CPO & Executive Virtual Series with ProcureAbility

chief procurement officer

Recently, SIG had the pleasure of hosting ProcureAbility experts Conrad Snover and Darshan Deshmukh for the December CPO & Executive Virtual Series. It was a very engaging discussion, with many thought-provoking takeaways. Let’s get into it!

 

Conrad, CEO at ProcureAbility, kicked off the exclusive event by explaining the team's research methodology. ProcureAbility regularly conducts research to identify future-looking trends and innovations in procurement. Their in-depth process for identifying the five bold predictions for 2030 consisted of a team of experts who hypothesized on emerging trends and then conducted in-depth research to validate that analysis. The team formulated their predictions for procurement in 2030 based on that data. Then finally, they surveyed CPOs to get feedback on those predictions, which led us to procurement on the brink of transformation.

Procurement 2030

ProcureAbility's Five Bold Predictions for the Future of Procurement

  • Advanced Crowdsourcing
  • Procurement Technology Acceleration
  • Cognitive Computing
  • Hyper Cybersecurity
  • Virtual Organizational Design 

 

Desmond Williams, Digital Marketing Manager

Their Last Bite Of The Apple: Why West Coast Port Workers Are Fighting For Less Automation And More Pay

port workers strike

Whenever we face a crisis, our attention is understandably focused on finding a solution as quickly as possible. We, in essence, become "locked in the moment" because the fallout of inaction is usually significant.

However, in our hasted energy to resolve a problem, we tend to lose sight of why we are in this situation in the first place. In other words, there is a bigger picture beyond our narrow scope of immediate impact, and we need to recognize its importance.

I like to think of it as the slow-leak tire syndrome. You have a tire with a slow leak and must repeatedly pull into a service station to fill it to the proper inflation rate. Is it an inconvenience-absolutely, but is our frequent station stops enough of a hassle to prompt us to either repair or replace the tire?

When I was originally asked to write this article on the disruptive impact a potential West Coast port workers' strike would have on supply chains, the slow-leak tire analogy immediately came to mind.

A Long Time in The Making

The contentious situation we are now facing at this and other ports in North America has been brewing for some time, pre-dating the COVID-19 pandemic.

Dawn Tiura, President and CEO, SIG

Gender Fair Procurement: Moving the Needle From Timeless to Timeliness

“The path to gender equality does not involve stickers pointing out that a product has been made by a female entrepreneur. Women are not a charity group. If we want to help women in business, let’s close the pay gap and remove the glass ceiling – and then let products designed by women rise or fall on their own merits, by the realities of business.” – Diana Sz

The above quote is an excerpt from an article I read regarding Walmart’s “commitment to source $20 billion of goods by 2016 from women-owned businesses in the U.S.”

The program or initiative, launched with much fanfare in 2011, achieved the $20 billion objective within the expected five-year period. One would think that this would be a cause for celebrating the progressive practices on the part of corporate procurement departments.

Facilitated by the inclusion of product labels informing the consumer that a woman owns the company behind the product they are buying, Pamela Prince-Eason was a champion of the Walmart initiative. The Women’s Business Enterprise National Council CEO, Prince-Eason, believed that the “new labeling will give people a reason to feel good about the company they’re buying from.”

In short, it was a noble plan to achieve meaningful results for everyone to feel good. I know you are waiting for the other shoe to drop in the form of a but – and there is a but,

 

The Bigger Picture

Don’t get me wrong when I say things like a drop in the bucket regarding the achievement of the $20 billion goal. Such a lofty amount isn’t exactly pocket change.

Dawn Tiura, President and CEO, SIG

This Month at SIG – December 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

Preparing for the challenges on the horizon with a host of resources to get a jump start on 2023!


December CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On December 7,  don't miss ProcureAbility leaders Darshan Deshmukh and Conrad Snover as they explore 5 bold predictions for #procurement in 2030!

Join us for this collaborative and very personal conversation!

 
 

Power Hour Webinars

How to Source Smartly in Times of Inflation

Join Coupa Software experts Ayush Sharma and Dr. Jeffery Collins on the challenges of sourcing in the current inflationary environment—and what's coming in 2023!

 
 
 

Featured Content from Industry Experts

2022 State of Supplier Diversity Report

Supplier.io’s 5th State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high. 

Desmond Williams, Digital Marketing Manager

5 Bold Predictions Insights Series (3 of 6) – Procurement Technology Acceleration

procurement predictions

ProcureAbility is pleased to publish its Bold Procurement Predictions for 2030 Insights Series to help Chief Procurement Officers make sense of it all, highlighting the new practices likely to become common by decade’s end including advanced crowdsourcing, procurement technology acceleration, cognitive computing, hyper cybersecurity, and virtual organization design.

In This edition, ProcureAbility continues its ‘Bold Procurement Predictions' Insights Series – the product of extensive research and input from a think tank of experts in the supply chain field – with a look at the rapid technology acceleration expected in the procurement practice by decade’s end. Chief Procurement Officers are already re-evaluating processes, with nearly one in four reporting that digital transformation is a strategic initiative in 2022.1 The majority of mid- to large-size organizations report using e-procurement and e-sourcing software, and we predict use will grow exponentially in the coming years. Artificial intelligence, machine learning (ML), and predictive analytics will replace human efforts for most administrative tasks. These seismic shifts in procurement technology stack will have a significant impact on how teams conduct business. Here are a few of the emerging technologies we expect to gain mainstream acceptance by 2030: 

Procurement Teams are Expanding Their Tech Footprint1

30% are using new technologies


The Five Key Factors to Minimize Uncertainty & Maximize the Value of Your Sourcing Spend

sourcing inflation

Is inflation on your mind? You’re not alone. Rising costs lead to rising overhead—and rising stress about sourcing. 

Not only is it more expensive to get crucial goods and services today, but supply chain issues and labor shortages create extensive delays. These disruptions significantly affect large and small companies' production and inventory. 

Plus, rising fuel costs mean that getting everything from hand soap to building supplies requires an even bigger financial commitment, which could be going toward marketing, R&D, or expansion.

And yet, despite all the talk about the financial impact of inflation on sourcing, there’s an important point missing. 

Inflation, at its core, isn’t really about money. It’s about uncertainty. 

This is good news because organizations that solve for uncertainty can maximize value and thrive despite economic change.

How to Mitigate Uncertainty

There are five key factors that are crucial to navigating sourcing uncertainty when inflation, supply chain issues, fuel shortages, and labor issues mean certain goods and services are in short supply.

First, companies that can see what’s available and act quickly have a significant edge. Agility and increased visibility are key competitive advantages.

So is having the right partners. Solid relationships with a variety of vetted and trusted suppliers not only make it easier to purchase what’s needed. These relationships also significantly mitigate risk, reducing the likelihood of overcharging or receiving poor-quality goods and services. 

Third, having the ability to easily participate in community buys can dramatically increase leverage, reducing costs and increasing purchasing power. 

Prashanth Ravishankar, Vice President, Coupa

This Month at SIG – November 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

With inflation challenges and a looming recession, we have the resources procurement leaders need to get a jump start on 2023!


November Microlearning Event

On November 9, Angela Easterwood from Majel Partners and Elizabeth Zucker from The Hackett Group, will share how flawless category management can be leveraged to address today’s dynamic sourcing challenges. 

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

 

Northeastern Regional SIGnature Event

SIG's Northeastern Regional SIGnature event is almost here! The event will take place in Toronto, CA and includes a fantastic agenda with some of the best thought leaders in the industry. The day will include an Executive Roundtable, General Session Speakers (offering training and practical, implementable tools), CPO Presentations, Analyst Overviews, SIG Talks and close with a networking happy hour.

Join us for this great day of networking and learning!

 
 
 

Power Hour Webinars

Analytics + Action = Results

Join LogicSource, Inc. and OneMarket's Jo Seed, Marissa Lindquist and Mark Flowers as they discuss the untapped value of an organization's data and empowering procurement teams!

Desmond Williams, Digital Marketing Manager

7 Creative Hiring Strategies to Build Your Procurement Team

7 Creative Hiring Strategies for Building Your Procurement Team

As a procurement professional, you know that talent in procurement has been a hot topic in recent years. Here at WNS-Denali, we have seen more organizations grapple with talent issues, so we decided to dive deeper into the key talent concerns for retail companies at SIG’s Global Executive Summit a little while back.

>>Looking for a new job or to hire top procurement talent? Visit SIG's Career Network!<< 

The all-star packed panel with procurement leaders from some of the largest retail brands in the world came together to such questions as:

  • How does your hiring profile differ now and why? 

  • Where are you finding your talent? 

  • What are you looking for in new hires? 

  • Specialist or generalist, which is a better hiring strategy for your team?

Even if you work at a company beyond the retail industry, these questions and the learnings from the panel still apply to your company. As you strive to gain a competitive advantage and influence more spend strategically, refreshing your approach to talent can make a big impact. Below are the top seven creative hiring strategies that came from our panel of retail experts.

Hire from within

This classic retail trick applies to all industries. Promoting from other areas of business up into a corporate role brings a wealth of knowledge and perspective on the core business and ability to relate to stakeholders. Most importantly, it will add a level of credibility to your procurement team.

David Gonzalez, Director, Procurement Services, Denali - A WNS Company

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